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Hobart and William Smith Colleges’ economic impact pegged at $254M

Hobart and William Smith officials say the Colleges continue to have a big impact on the regional and state economy — and they’re pointing to a recent report as bona fide proof.

The Finger Lakes Times

A recent analysis by the Commission on Independent Colleges and Universities estimates HWS’ state economic impact at more than $254 million. The assessment comes by way of 2016 and ’17 data collected by the Center for Governmental Research in Rochester, and points to direct spending by HWS, construction and labor costs, and estimated student and visitor impact.

The commission said private nonprofit colleges and universities such as HWS contributed a combined $88.8 billion to New York state in 2017 and supported more than 400,000 jobs.

“The CICU data is an important tool that helps us track the role we play in Geneva and the Finger Lakes,” said Interim President Pat McGuire, who during his tenure as a faculty member in the Economics Department conducted several studies assessing the Colleges’ impact on the region. “Our identity as an institution is grounded in local partnerships and collaborative solutions that yield the kind of economic impact we see measured in this study. We look forward to preserving those relationships and working with our fellow stakeholders to ensure that Geneva and the Finger Lakes region continue to grow and thrive.”

Officials said the Colleges’ total economic impact numbers are determined by weighing three areas of spending: institutional impact, academic medical centers, and student and visitor spending.

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